Selected Information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2024 2023 $ 5,400,000 $4,500,000 3,060,000 2,200,000 1,000,000 875,000 560,000 502,000 170,000 160,000 240,000 128,000 240,000 On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $128,000 less than their book value. Results of operations for the component (Included in the above account balances) were as follows: Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes 1/1/2024- 9/30/2024 $ 600,000 (390,000) (70,000) (40,000) 2023 $700,000 (440,000) (60,000) (40,000) $ 100,000 $ 160,000 In addition to the account balances above, several events occurred during 2024 that have not yet been reflected in the above accounts: 1. A fire caused $70,000 in uninsured damages to the main office building. The fire was considered to be an unusual event. 2. Inventory that had cost $60,000 had become obsolete because a competitor introduced a better product. The Inventory was written down to its scrap value of $7,000. 3. Income taxes have not yet been recorded. Required: Prepare a multiple-step income statement for the Reed Company for 2024, showing 2023 information in comparative format, including income taxes computed at 25% and EPS disclosures assuming 800,000 shares of outstanding common stock. Note: Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.